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Under-fire Housing Minister Eoghan Murphy is to launch the agency later on Wednesday.

Sinn Féin Housing spokesperson Eoin Ó Broin said the idea of it is good but the details of the proposed LDA are worrying.

He said: "The idea of a strategic land management agency is a good one. Giving an agency the power to pool together public land holdings to ensure that they are being used in the most appropriate way has real merit.

"However, the details of the proposed Land Development Agency emerging from Cabinet yesterday are very worrying. It appears that the Government has got the design of the agency badly wrong."

The Dublin Mid-West TD added: "This is not the most effective use of public land and will limit the ability of the state to deliver the level of public housing that is required to meet social and affordable housing need."

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Tom Parlon, from the Construction Industry Federation, said the move could be a "gamechanger" for the country's unpredictable housing market.

He said: "This agency has the potential to dampen the natural volatility in the housebuilding sector by essentially giving the state a lever by which it can influence land prices, of which are one of the largest components of construction costs in urban centres.

"This volatility dampening measure will also bring more stability to sector allowing housebuilders the certainty to invest in their businesses, technology and people.

"In other words, if implemented correctly and in a timely manner, this agency has the potential to significantly contribute to rebuilding Ireland’s housing stock whilst creating a sustainable Irish housebuilding industry."